The National Bureau of Statistics has reported the country’s total Company Income Tax for the first quarter of 2023 to be N469.01 billion.
The information was revealed in the NBS Company Income Tax Q1 2023 report which was made public on Wednesday in Abuja.
In comparison to the N753.88bn reported in Q4 2022, the data displays a growth rate of -37.79% on a quarterly basis.
According to the report, local payments totaled N300.78 billion in Q1 2023, while CIT payments from abroad contributed N168.23 billion.
According to the report, on a quarter-over-quarter basis, the financial and insurance activities saw increase of 50.42 percent, followed by construction at 42.32 percent.
“On the other hand, water supply, sewerages, waste management, and remediation activities had the lowest growth rate at 69.38 percent, followed by other service activities at -60.13 percent.”
According to the research, banking, and insurance operations accounted for the top three greatest shares in Q1 2023, with a combined share of 22.94%.
Manufacturing came in second with 20.91%, followed by information and communication (11.89%).
On the other hand, it stated that home employment activities and undifferentiated goods and service-producing household activities for personal use were the least share with 0.01 percent.
“Water supply, sewage, waste management, and remediation operations came in second with 0.04 percent, followed by extraterritorial organizations’ and bodies’ activities with 0.12 percent.”
However, according to the study, CIT collections in Q1 2023 fell 14.96% from Q1 2022 on an annual basis.
